The private equity industry is facing its 'Custer's last stand' moment, according to the unions.

Union officials were quoted in The Observer this weekend making the claims, as they were buoyed by suggestions from the chancellor of a tax crackdown.

There are two reviews of the buyout tax regime under way: one into interest relief and the other into capital gains taper relief on shares owned by buyout bosses.

Paul Moloney of the GMB said: 'we will chase them down every rat hole to find out where they are getting their money from and who they are ripping off. They're on Custer's last stand.'

Brendan Barber, the TUC general secretary, also wants reform of debt relief, and a rigorous investigation of the 'carried interest' capital gains rules, he said.

Further reading;

Read Tax Hack on 'Custer's last stand'

Read the Observer's story